Your 5 Point Guide to Insurance in Spain

Navigating the insurance world can be tricky, particularly if you have recently relocated and have to get to grips with new ways of getting things done. This guide is here to break down the confusing jargon and to help you understand the basics of insurance in Spain.

1. What is insurance?

You might be wondering what insurance actually is. Insurance is a financial guarantee which can provide you with security and peace of mind in the knowledge that your properties, eventualities, and/or bank balance will be protected, should any unexpected damages occur. Insurance companies will quote you a premium – yearly payment – in order to cover your property, based on a risk evaluation.

2. Why do I need insurance?

Now that we’ve addressed what insurance is, let’s now tackle the question of why you need it. Insurance in Spain is mandatory in some cases and optional in others, however, it is always beneficial to have the best insurance cover possible in order to protect your family, property and lifestyle.

3. What types of insurance are mandatory in Spain?

Even if you are planning on moving to Spain for only a short amount of time, it is important to know which types of insurance are compulsory for those living in Spain, and which are optional extras.

The mandatory forms of insurance are as follows:

Car insurance

In Spain, car insurance covers the vehicle, not the driver like in some countries. There are multiple levels of coverage available for your car insurance, but in Spain it is compulsory to have at least third-party insurance coverage (seguro a terceros), which covers damages to third parties in case you have an accident, not covering damage to your own vehicle. You can extend this all the way up to a full comprehensive policy (seguro a todo riesgo), which would cover damages to other parties as well as damages on your own vehicle. It is up to you what level of cover you would like to go for. Learn more about Spanish Car Insurance and what Kyna Insurance can offer you on our page and check out the FAQs at the bottom.

Health insurance

Health insurance is compulsory in order to obtain Spanish residency. Most Spanish residents are covered by Spanish public health care (seguridad social) – access to this system depends on employment situation, contribution due to the system due to employment, economic contribution to have access to it, or access via bilateral agreement between countries. All residents and travellers in Spain are guaranteed emergency care through this public health care system.

Many expats have a health insurance policy back in their home country, but these insurances are often invalidated after more than 30, 60 or 90 days in a foreign country. Check your insurance to make sure you are sufficiently covered.

A popular option among expats and residents alike, is to acquire their own private health insurance in addition. This is a preferred option as the benefits can include: shorter waiting times; greater choice of hospitals, clinics and appointment dates; access to English-speaking medical professionals. Have a look at the Health Insurance policies Kyna Insurance provides and choose the one that’s right for your needs!

People talking - 5-point-guide-to-insurance-in-spain

4. What are the forms of insurance I can acquire?

The following options are not compulsory but can be added to give you even greater peace of mind. Of these, the most popular are life, home and pet insurance.

Life insurance

Life insurance ensures that your family and dependants are cared for in the event of your death, or in some cases a hazard which has resulted in severe disability. Your chosen beneficiary/beneficiaries are either given a lump sum or regular payments, which can help them cover costs such as mortgage payments or tuition fees. This allows you peace of mind knowing that your loved ones will be provided for should anything happen to you. Kyna Insurance can get the best policies for you, to see our offerings take a look at our page on Life Insurance and contact us for more information.

Home insurance

Home insurance is not mandatory to have in Spain, but is strongly recommended as it guarantees protection, peace of mind and well-being in your living space. Home Insurance policies will typically cover the construction value of your property, and in most cases an amount to cover the content. The amount of the premium mainly depends on the value of the property and amounts to be covered, location of residence, age of the property and many other factors the companies use to calculate the value of the premium. It is important to keep in mind that the value calculation will not take into account the insurance on the land, meaning that the value covered will always be lower than the price of the property.

Kyna Insurance offers a wide variety of Home Insurance cover, enquire with us to get more information.

Pet insurance

Pet insurance helps you protect your pet by covering any damages, harm or accidents your pet can cause. Other options cover the pet’s medical expenses. Kyna Insurance can make sure you have the Pet Insurance policy that is right for your pet’s needs.

Other insurances offered in Spain:

  • Unemployment and Injury insurance
  • Travel insurance
  • Contents insurance
  • Dental insurance
  • Commercial insurance
    • Business liability insurance
    • Premises insurance
    • Contents insurance
    • Business interruption insurance

5. Common mistakes, pitfalls and exclusions in policies

These tend to be case specific to each type of insurance, but we will go over the most frequently occurring so that you know what to look out for.

  • Leaving a spare set of keys is something nearly all of us have done or do on a regular basis, however, this is something that can invalidate your home insurance in the case of a break-in and theft!
  • Make sure that you have private health insurance, as those who don’t find that if they have a medical emergency, they can rapidly become financially overwhelmed by hospital bills and this adds another layer of unnecessary stress.
  • Under or over-insuring yourself is a very common mistake that many people make. Kyna Insurance can help you avoid this. As an independent agent we will advise you on the best policies to suit your needs and make sure that your property is appropriately covered, without needing to spend money on unnecessary cover.

Over to you...

We hope you now know a bit more about insurance in Spain. Having the right insurance for you is very important when you move to Spain and finding adequate cover can be difficult and time consuming.

For more information on insurance protection, see – Car Insurance in Spain, Home Insurance, Health Insurance, Life Insurance and Pet Insurance.

Apply for insurance with Kyna Insurance

Our team of insurance specialists have you covered for every type of insurance that you may require. If you would like to discuss any of our packages, or if you have any questions, please do not hesitate to call on +34 96 682 11 72 or by filling in the contact form provided.

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